As noted in Thursday's post, UA had a well formed bullish flag pattern on the daily. Price broke out 30 minutes into the session and never looked back.If you missed the initial BO, a second opportunity presented itself as price consolidated at $63.00 and coiled prior to the next leg up. I took a partial at weekly R1 and let the rest run, until I got a sell signal. That was a good opp. to short as UA was extremely extended.
On the daily, we see that UA has room to run for a full measured move, so keep it on the focus list.
CIEN was a volume momentum gap which I found through the momentum scan. Price retraced back to weekly R2 which held as support. I waited for confirmation. Price consolidated at the base of the the 50% Fib. retracement and set up out a low risk entry (NR7) . I targeted a move back to the early swing high.
JDSU was an earnings gap mentioned in Thursday's post. Wait for price to consolidate on or near the rising 5 period ema on the 15 minute chart or 20 ema on 5 minute.
3 comments:
Jamie,
UA had a another move up. You have mentioned a measured move up on UA. Would that be around the $69 area ?
Is measured move similar to what Stevenson's book talks about ? The PTT ?
Thanks
Chin,
If you click on the UA daily chart to enlarge it, you'll see that the full measured move 100% is $68.30.
I'm not familiar with Stevenson or PTT.
Thanks.
I found this book on Esignal.com
Precision Trading - Price target and Time by Stevenson. Quite a good read.
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